Misplaced Millions: Unclaimed Bank Deposits Total $286 Million in Canada

Over the past 55 years, some 2,342,848 bank deposits in Canada worth over $286 million have become unclaimed. Only 4% of these deposits have been recovered by their owners.

FOR IMMEDIATE RELEASE

ATTENTION CANADIAN PERSONAL FINANCE EDITORS

Misplaced Millions: Unclaimed Bank Deposits Total $286 Million in Canada

Ottawa, Ontario July 7, 2001 -- Over the past 55 years, some 2,342,848 bank deposits in Canada worth over $286 million have become unclaimed. Only 4% of these deposits have been recovered by their owners.

In Canada, any bank deposit that has not had activity for over 10 years is declared unclaimed under the Bank Act. This includes savings accounts, bank drafts, certified cheques, money order and travelers cheques. Unclaimed deposits are transferred to the Bank of Canada, which acts as a custodian until the owner returns to claim the money.

Unfortunately, very little is done to find the owners of unclaimed deposits by either the chartered banks or the Bank of Canada. Perhaps this is not all that surprising considering how the banks and government benefit from the deposits. The banks collect 10 years of service fees (some also charge "inactivity" fees), the federal government claims all deposits under $500 after 10 years (worth $60 million to date) and both benefit from the interest earned.

Canadian Unclaimed Asset Recovery (C.U.A.R) was created to help reunite Canadians with their unclaimed money and fill the gap left by the banks and government. It is believed to be the first attempt in Canada by anyone (government or industry) to actively seek out owners of unclaimed money.

"Computer database technology is what makes this all possible," says Steven Rawlinson, founder of C.U.A.R. Suspected owners are identified then sent letters informing them of the money. C.U.A.R also assists clients in the recovery of their money for a fee.

In addition to its locating services, C.U.A.R operates a free web site, www.cuar.ca, where Canadians can themselves search for unclaimed money. The site also provides information to help educate the public about unclaimed money.

A short article on unclaimed money in Canada, suitable for use in publications, is available at http://www.cuar.ca/article.html.

For more information contact:

Steven Rawlinson

Canadian Unclaimed Asset Recovery

(613) 738-4477

steven@cuar.ca

http://www.cuar.ca

Canadian Unclaimed Asset Recovery is a company that reunites Canadians with their lost money. It locates suspected owners of unclaimed money, provides recovery services, and operates www.cuar.ca, a web site where Canadians can search for unclaimed money owed to them.